Industrial Development Act, 1969
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FIRST SCHEDULE. Provisions Consequential on Dissolution of An Foras Tionscal. | ||
Transfer of property. | ||
1. (1) Any property, whether real or personal (including choses-in-action) which immediately before the commencement of section 7 of this Act was vested in or belonged to or was held in trust for the dissolved Board and all rights, powers and privileges relating to or connected with any such property shall, on such commencement, without any conveyance or assignment but subject where necessary to transfer in the books of any bank, corporation, or company, become the property of or be held in trust for and be vested in (as the case may require) the Authority for all the estate, term or interest for which the same immediately before such commencement was vested in or belonged to or was held in trust for the dissolved Board, but subject to all trusts and equities affecting the same and then subsisting and capable of being performed. | ||
(2) Any property transferred by this paragraph which, immediately before the commencement of section 7 of this Act, was standing in the books of any bank, corporation or company or was registered in the books of any bank, corporation or company in the name of the dissolved Board shall, upon the request of the Authority made at any time after such commencement, be transferred in those books by that bank, corporation or company into the name of the Authority. | ||
(3) After the commencement of section 7 of this Act, every chose-in-action transferred in accordance with this paragraph to the Authority may be sued upon, recovered or enforced by the Authority in its own name, and it shall not be necessary for the Authority to give notice to the person bound by such chose-in-action of the transfer effected by this paragraph. | ||
Transfer of liabilities. | ||
2. (1) Any debt and other liability (including stock and mortgage debts, and unliquidated liabilities arising from torts or breaches of contract) which immediately before the commencement of section 7 of this Act was owing and unpaid or had been incurred and was undischarged by the dissolved Board shall, on such commencement, become and be the debt or liability of the Authority and shall be paid or discharged by and may be recovered from or enforced against the Authority accordingly. | ||
(2) The dissolution effected by section 7 of this Act shall not invalidate or affect any paying order or cheque which may have been issued by the dissolved Board and not presented for payment before the commencement of the said section or any authority given by the dissolved Board for the payment of the amount of the paying order or cheque, and the Authority shall make arrangements for the payment of the amount of every such paying order or cheque upon due presentation within a reasonable time after the said commencement. | ||
Preservation of continuing contracts. | ||
3. Any bond, guarantee, or other security of a continuing character made or given by the dissolved Board to another person or by any person to the dissolved Board and in force immediately before the commencement of section 7 of this Act, and every contract or agreement in writing made between the dissolved Board and another person and not fully executed and completed before such commencement shall, notwithstanding the dissolution, continue in force after such commencement but shall be construed and have effect as if the name of the Authority were substituted therein for the name of the dissolved Board and such security, contract or agreement shall be enforceable accordingly by or against the Authority. | ||
Continuance of pending legal proceedings. | ||
4. In any action, suit, prosecution or other proceeding which was pending immediately before the commencement of section 7 of this Act in any court or tribunal and to which the dissolved Board was a party, the Authority shall on the operative date become and be a party in the place of the dissolved Board and those proceedings shall be continued between the Authority and the other parties thereto accordingly, and no such proceedings shall abate or be discontinued or prejudically affected by reason of the dissolution. | ||
Preservation of contracts of service. | ||
5. Any contract of service (express or implied) in force immediately before the commencement of section 7 of this Act between the dissolved Board and any person not being an officer or servant of the dissolved Board shall continue in force on or after such commencement, but shall be construed and have effect as if the name of the Authority were substituted therein for the name of the dissolved Board and every such contract shall be enforceable accordingly by or against the body so specified. |